The Swedish central bank, Riksbanken, has announced the reference interest rate for the period 1 July to 31 December 2023, which has been set at 3.50 percent.
According to Section 9 of the Interest Act (1975:635), the reference interest rate is determined for each calendar half-year through a separate decision by Riksbanken.
The reference interest rate corresponds to Riksbanken’s effective policy rate at the end of the previous half-year (30 June 2023). If necessary, the reference interest rate is rounded to the nearest half percentage point.
It is important to note that the reference interest rate does not serve any monetary policy purpose. Instead, it serves as a benchmark for various financial transactions and legal purposes in Sweden.
The determination of the reference interest rate by Riksbanken provides clarity and stability to the financial markets, allowing individuals and businesses to make informed decisions regarding borrowing, lending, and other financial activities.